Danish biotech firm Breye Therapeutics has secured €67.5 million in a Series A funding round. The investment was co-led by Mission BioCapital and Novo Holdings, with participation from Sound Bioventures, the Ljungström family office, Innovestor Life Science, EIFO, Catalyze Capital, Modi Ventures, and Pappas Capital.
Following the transaction, Robert Blazej from Mission BioCapital and Lukas Ljungström from the Ljungström family office will join the company's board of directors. The capital will primarily support the advancement of danegaptide, an oral treatment for diabetic retinopathy, into a randomized Phase 2 clinical trial scheduled to begin in 2027.
Breye Therapeutics, founded in 2019, previously raised €4 million in a seed round in 2022. The company focuses on developing oral therapies for eye conditions, including age-related macular degeneration and glaucoma. Its lead candidate, danegaptide, aims to stabilize retinal vasculature in patients with non-proliferative diabetic retinopathy.
The company reports that the current market for diabetic retinopathy therapeutics is approaching $10 billion and is expected to grow with a CAGR of 6.5% over the next decade. Recent Phase 1b trial results for danegaptide indicated that the drug was well-tolerated and showed early signs of clinical activity in reducing vascular leakage.
